The Research On The Credit Transmitting Channel Of Monetary Policy In China

Monetary policy in the macro adjustment and control of one of the two basic tools, and its validity is often become the focus of attention. It is a policy regulation subject use policy tool to achieve the established goals of monetary policy, which is related to not only the monetary policy transmission channels, and intermediary index choice about. Due to the transmission channel is policy tool coupling intermediary index so as to realize the policy subject ultimate goal line, so the validity of the transmission channels depends on the validity of monetary policy. It is because in the monetary policy transmission channel control system form of this kind of special importance, macro economic and policy regulation theory will be monetary policy transmission channels as an important research field.Since the late1990s, China’s macroeconomic regulation and control mode gradually realize from direct control to indirect control changes, however, due to the reform of the financial system lags behind, the interest rate transmission mechanism is far from perfect, and the traditional credit transmission channels also appeared a certain degree of obstruction, this may be in recent years our country monetary policy effect is not ideal important reason. The central bank raised interest rates in China with caution, to pay attention to the credit of total amount control, credit structure optimization and credit availability rhythm management that currently, the bank credit management still is our country central bank to control the entity economy important means. So, the existing monetary policy is effective, commercial Banks in the credit channel conduction is to play a role, credit pressure influence on the enterprise how to? The above questions will be directly related to the future of policy and system choice.The paper combines the theory of traditional transmission channels, as well as credit conduction channels, respectively, from the status quo of China’s monetary policy transmission channels, the role of commercial banks in the credit transmission mechanism, three aspects of the credit conduction enterprises demonstrate policyrecommendations. Reviewed papers on the course of development of China’s monetary policy and analyze the current situation of China’s monetary policy transmission as well as the credit transmission of the status quo, economic analysis shows that the phenomenon of conduction channels of interest rates, exchange rates, asset prices in the presence blocked in China, while the credit channel plays the main the role of the channels; empirical results show that the control on the scale of commercial bank credit of China’s monetary policy tool, the statutory deposit reserve ratio, rediscount interest rates, refinancing and interest rate and loan interest rates in adjusting the short-term effects on the credit scale, but the long-term view the general effect; verify the results of the relationship between the internal control of commercial banks and the credit scale indicators of the balance sheet of the commercial banks as well as commercial banking supervision indicators are the size of credit significantly affect, to prove the commercial banks in the credit an important role in the transmission mechanism; channels based on the balance sheet of financial accelerator theory and panel threshold model of China’s monetary policy conduction test results show that China’s financial institutions there is a more obvious credit crunch and credit easing credit constraints of the industrial enterprises period; impact of the credit crunch period of industrial enterprises in the capital structure of the business performance than credit easing more significantly, the macroeconomic impact of the operating performance of the industrial enterprises of the credit crunch period is more significant than credit easing.To this end, China’s monetary authorities should pay attention to the function of the transmission channels of monetary policy, credit, pay attention to the internal governance of commercial banks, to promote the development of small and medium enterprises financing channels, the formation of a more mature sound credit conduction channels play a role in the conduction of monetary policy in China.